Oil & Gas Exploration, Development & Production (Coal Seam Gas focus)
Strategic Profile
The Mahalo Gas Hub contains gross 2P (Reserves) and 2C (Contingent Resources) of 676 Petajoules close to the Gladstone LNG export and domestic market precinct as well as gas transport infrastructure. Comet Ridge plans to transition its Mahalo Gas Hub assets into meaningful gas supply into the east coast gas market, commencing with Mahalo North, followed by the larger Mahalo Gas Project, in joint venture with Santos QNT Pty Ltd (as the Development Operator).
Cyborg Score Rationale
Return on equity (ROE) is -4.74% and return on invested capital (ROIC) is -2.38%. In the last 12 months, operating cash flow was -4.12 million and capital expenditures -14.31 million, giving a free cash flow of -18.43 million. The company is pre-revenue/pre-production with significant capital deployment ahead.
Top Insights
Strategic partnership with Santos as operator de-risks Mahalo JV development and provides operational expertise
Favorable macro backdrop: east coast gas market supply constraints and federal government support for natural gas in energy transition
Seven-year Gas Sales Agreement with CleanCo Queensland Limited executed in September 2023 has received approval from CleanCo's shareholding Ministers
High cash burn and negative free cash flow require capital management and potential funding rounds
Named Competitors
LNG Export and Domestic Gas Supply — Major east coast gas operator and Mahalo JV partner
CSG Development — Established CSG/LNG player in Australia
East Coast Gas Supply — Competitor CSG developer on east coast
Recent Developments
(September 2023) Gas Sales Agreement with CleanCo Queensland executed and ministerial approval received
(2025) Managing Director Tor McCaul elected Vice-Chair of Australian Energy Producers board
(January 2026) Stock trading around AUD 0.14 with market cap approximately AUD 165M
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